MetaLend, a loan system that accepts NFTs as collateral, announced a launch on the Ronin network, allowing players to easily borrow ETH against their Axies assets.
Launched in 2022, MetaLend already built a similar system for Axie assets on Polygon. Now they deploy to the Ronin network as an ‘official lending partner for Axie Infinity’. This migration should make the service more accessible and seamless for those who need some liquidity but don’t want to sell their Axie assets.
How to use MetaLend
The process is pretty basic. Transfer assets in, and then take out a loan in the form of ETH. The MetaLend system assigns a value to each asset, and users can take out some or all of the maximum loan value. The site even includes a value estimation tool for players to see how much their Axie assets would be worth in regards to a loan.
Unfortunately, MetaLend is apparently country restricted. I’m not sure which countries are blocked, but as a U.S. resident, I was barred from the service. Which is too bad because this is definitely an interesting service, and places where you can get loans on NFTs are still very limited. You can check MetaLend out yourself at https://metalend.tech/
MetaLend plans to also make options for borrowing against staked AXS and RON tokens in the future. In addition, they hope to implement their system so that players can even still use and play with their assets while they are being used as collateral!
Now, of course, this is not a completely free service. Be sure that you read and understand the terms and conditions of MetaLend. Especially including any information about how much the loan repayment will cost and any and all due dates that might be involved.
What is Axie Infinity?
Axie Infinity began as a creature battling and breeding game but has expanded into a larger world. Their original game underwent a major overhaul and is now known as Axie Origins. They also have a land-based game called Homelands currently in alpha testing. Axie Infinity is the name for the larger ecosystem.
Originally on the Ethereum network, Axie Infinity moved to the Ronin sidechain in 2021, and launched a staking system for their AXS governance token.
In Axie Origins players use a team of three Axie NFTs to battle opponents in Adventure mode (PvE) and the Arena (PvP). Rewards from the Arena include Smooth Love Potions (SLP) and AXS, the governance token for Axie Infinity. Players use SLP to breed new Axies. Parent Axies can only produce offspring a limited number of times. Also, players can attach Runes and Charms found in PvE mode to provide boosts to Axies. Origins runs in seasons with special rewards at the end of each.
Homelands is a farming and crafting game centered around land plots where players assign their Axies to various tasks. Eventually, these two games will interact in some meaningful way.
To learn more, check out our Axie Infinity guide and review.